The exporting organization is close to announcing an accelerated increase in crude oil supply.
The Organization of oil exporting countries (OPEC+) Project a new accelerated increase in crude oil For the month of August, which would be announced this Saturday within the framework of a meeting between the representatives of the Member States, and pressures the price of the raw material.
It is expected that this weekend, the group that includes Saudi Arabia, Algeria, United Arab Emirates, Iraq, Kazakhstan, Kuwait, Oman and Russia agree to increase others 411,000 barrels per day (BPD)according to Reuters.
In case of the agreement, the OPEC+ will increase the supply objectives by about 1.78 million BPD, that is, 1.5% of the global oil consumption. However, real thickening were lower, since some members applied cuts to compensate for overproduction of the past.
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This morning, the Brent futures they lost 62 cents, or 0.9%, at $ 68.18 a barrel, and those of the West Texas Intermediate (WTI) in the US 62 cents yielded, or 0.93%, at $ 66.38. In turn, the volume of commerce was reduced by the feast of the US Independence Day.
Both contracts are aimed at a weekly rise, with the Brent contributing 0.6% above the end of last Friday and the WTI around 1.3%.
OPEC+ is not clear what the ideal production objective will be
This Friday, The group decided to advance one day the date of the meetingsince one of the parties is not clear if the 411,000 BPD would be exactly the final agreement and the ideal production objective.
The eight OPEC+ hars began to reduce their most recent production, from 2.2 million BPD, as of April, and accelerated the increases in May, June and July, despite the fact that the additional offer weighed on product prices.
Source: Ambito
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